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Litecoin [LTC] mining difficulty hits all-time high as prices continue to fluctuate

Akash Anand



Source: Pixabay

The cryptocurrency market, at the moment, is in the middle of a rollercoaster ride, causing prices to fluctuate significantly after a bullish hike lifted the industry’s value and the collective market cap.

The market change further resulted in other factors of the market shifting for the better, with mining difficulty being one key example. Recent analyses had shown that there were more miners mining Litecoin [LTC] at the moment than when the cryptocurrency peaked during the end of 2017. The reason why an increase in difficulty is good for the fifth largest cryptocurrency is that it implies an increase in Litecoin’s network security.

LTC’s mining reward was at 12,991,940 and the number only seemed to be growing, with a 1.85 percent 24-hour hike, at press time. Litecoin’s mining profitability was at $3.9377 USD per day for 1 GHash/s, a rate consistent with the growing difficulty.

The Charlie Lee-founded cryptocurrency had a good market run during May, but June saw some hiccups in the LTC price ecosystem. The cryptocurrency’s price took a hit on the 24-hour spectrum after its value fell by 9.6 percent to trade at $103.89, at press time. The total market cap for the cryptocurrency was holding at $6.3 billion, with a 24-hour market volume of $4.03 billion.

Litecoin was also in the news recently after Kraken announced support for all bech32 formats for LTC withdrawals. The cryptocurrency exchange tweeted,

“Kraken Litecoin (LTC) withdrawals now support all address formats – Bech32 (native SegWit starting with “ltc1”), M (P2SH starting with “M”), and L (non-P2SH starting with “L”). Existing addresses aren’t affected, only new addresses will need to use the new formats.”

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Ampleforth could help create next-gen synthetic commodities for portfolio diversification, claims Blockfyre report




Ampleforth could help create next gen synthetic commodities for diversification of portfolios claims new Blockfyre report
Source: Unsplash

Ampleforth was the first token to successfully complete an IEO on Bitfinex. This IEO caught the attention of a lot of users in the cryptospace, as the $5 million hard cap was sold out within the first 11 seconds. A new report by Blockfyre details how Ampleforth could pave the way for a new asset class for portfolio diversification in the future.

The report also highlighted a feature of Ampleforth that allows a flexible supply that adjusts to the market demand, while price simultaneously finds equilibrium. The token also aims to tackle the strong correlation that most cryptocurrencies share with Bitcoin.

Synthetic Commodity

Ampleforth project has the ability to create synthetic commodities that are disconnected when it comes to price fluctuations due to correlations, which is a common problem faced by both cryptocurrencies and traditional asset classes. Although Bitcoin was created to tackle problems that fiat currency inherently has, it still has some correlation issues.

In a world where traditional assets are widely affected by macroeconomic and global political scenarios, Ampleforth aims to create a new asset class, Synthetic Commodity, to tackle this problem.

The report stated,

“BTC as a synthetic commodity doesn’t show correlation to traditional markets such as stock stocks and bonds. Thus it reflects a potential good investment for portfolio diversification, in order to tackle macro-economic recession”

Although BTC is an uncorrelated asset, other cryptocurrencies are widely correlated to it. Ampleforth’s protocol introduces synthetic assets that “will always find a price-supply equilibrium by adjusting the price due to demand.” The report added,

“It needs to be emphasized, that these price-supply information will always be distributed amongst all token holders, so the supply of all token holders will decrease / increase. As a result, the overall cut of the total supply for each person will always remains the same.”

The report further said that if successful, Ampleforth will directly compete with Bitcoin’s $145 billion market cap and also against traditional asset market-based in fiat.

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